Malaysia is not realising its full economic growth potential, not having moved up the value chain due to its limited use of technology, says Economic Affairs Minister Datuk Seri Mohamed Azmin Ali.
“Restructuring of the nation’s economy will focus on the use of high technology as well as innovation through research and development.
“This effort will drive the transition of the nation’s economy to make it more progressive, based on knowledge and high values and with the participation of all levels of society,” he said when launching national-level celebrations of World Statistics Day and the 70th anniversary of the Department of Statistics Malaysia here today.
Also present were Youth and Sports Minister Syed Saddiq Abdul Rahman, Johor Mentri Besar Datuk Dr Sahruddin Jamal, and Chief Statistician Malaysia Datuk Seri Dr Mohd Uzir Mahidin.
Mohamed Azmin said the main principle of WKB2030 as stressed by Prime Minister Tun Dr Mahathir Mohamad is ensuring equitability of outcomes as an economic strategy.
“Collecting, compiling and analysing data and statistics to facilitate the formulation and monitoring of policies should be conducted in a scientific, creative and innovative manner,” he said.
When met by reporters, he said artificial intelligence and big data analytics, part of the Fourth Industrial Revolution, will have a significant impact on the constantly changing global landscape, facilitating the prediction of consumer trends and the people’s needs in the effort to formulate effective economic policies.